VISIT WEBSITE >>>>> http://gg.gg/y83ws?7435541 <<<<<<
The exemption is claimed for two journeys in a block of four years. Presently, the block of is going on. Income Tax Department makes these blocks. The exemption if remains unclaimed can be carried forward to next year. Note: For the purpose of this section, family includes:Note: For the purpose of this section, family includes:. Leave Travel Concession or LTA block years are made by Income Tax Department to provide exemptions, which can be claimed twice within a block of four calendar years.
In case where assessee did not utilize LTA provided by his employer either once or twice as per the permitted limit in a block period of 4years, then he can still claim LTA exemption in the year immediately succeeding the 4 years block period.
It is known as carry over concession. Suppose Mr. Aditya claimed only one exemption during the 8th block which lasted from He still has one exemption remaining. So when can he claim it? He can claim this travel concession in the next year, i. So, in the 9th block period , he can claim 3 exemptions in total but he needs to claim the carry over concession of previous block in itself and not in the later years. Employees can claim LTA through employer within the due date in which LTA can be claimed and for which employees are required to submit the proof of travel bills such as tickets, boarding pass etc.
LTA exemption cannot be claimed at the time of filing your return. The bills for your travel against LTA can only be claimed through your employer. You can claim LTA twice in a block of four years. Unclaimed LTA can be carried forward to the next year, therefore you can request your employer not to deduct tax on the same and allow you to claim it next year.
You cannot claim exemption if you have missed submitting your travel bills. Also, to claim LTA, travel expenditure amount with proofs of documents travel bills should be declared and submitted with Form 12BB to the employer at the end of the financial year.
Get in touch with us to understand our services a little more. Consultation is free, your time is not. Neha Goenka January 19, Every employer announces the due date within which LTA can be claimed by the employees and may require employees to submit proof of travel such as tickets, boarding pass, invoice provided by travel agent etc along with the mandatory declaration.
Income tax provision provides exemption w. Hence, if an employee is travelling to different places in a single vacation, the exemption can only be availed for the travel cost eligible from the place of origin to the farthest place in the vacation by the shortest possible route. Many organisations that go strictly by the wordings of the income tax provision are allowing employees to claim LTA only if the employee applies for leaves and travel during that time.
Such organisations may reject LTA claims for travel on official holidays or weekends. You can furnish proofs of travel within the block period and claim up to the amount prescribed in your CTC.
The latest block period of four years is from 1 January until 31 December You can claim LTA benefit for the travel costs of yourself, your family consisting of your spouse, children, dependent parents, brothers, and sisters of the employee. Thank you for your response. Are you a salaried employee? Download link sent. How to check if your Form 16 carries a valid digital signature.
What is the difference between Assessment Year and Financial Year? How is take home different from CTC? Upload your Form Start investing now or. Was this article helpful? Have a query? ITR Resources. Mutual Fund Resources. Terms Privacy Legal. The amount equivalent to the air-conditioned first class rail fare, for the distance of the journey by the shortest route, as if the journey had been performed by rail. The amount restricted to 1st class or deluxe class fare by the shortest route to the place of destination.
The amount spent for any mode of transport other than by air, restricted to air-conditioned first class rail fare by the shortest route to the place of destination. The amount is restricted to the air economy fare of the national carrier Indian Airlines or Air India by the shortest route to the place of destination.
Comentarios